JPMorgan Chase & Co. Issues Pessimistic Forecast for Hagerty (NYSE:HGTY) Stock Price

Hagerty (NYSE:HGTY) had its price objective dropped by equities researchers at JPMorgan Chase & Co. from $11.00 to $10.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 16.01% from the stock’s current price.

Separately, Raymond James cut shares of Hagerty from a “market perform” rating to an “underperform” rating in a research report on Thursday, December 26th.

Hagerty Price Performance

Hagerty stock opened at $8.62 on Tuesday. Hagerty has a 12-month low of $8.03 and a 12-month high of $12.35. The stock has a market capitalization of $2.94 billion, a P/E ratio of 78.36 and a beta of 0.88. The firm’s 50-day moving average is $9.52 and its two-hundred day moving average is $10.20. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.01 and a quick ratio of 1.01.

Insider Buying and Selling

In other Hagerty news, Director Robert I. Kauffman sold 8,918 shares of Hagerty stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $9.32, for a total transaction of $83,115.76. Following the transaction, the director now directly owns 4,389,521 shares of the company’s stock, valued at $40,910,335.72. The trade was a 0.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Laurie Harris sold 3,934 shares of Hagerty stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $8.41, for a total transaction of $33,084.94. Following the transaction, the director now directly owns 30,349 shares in the company, valued at approximately $255,235.09. This trade represents a 11.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 106,186 shares of company stock valued at $1,016,267. Insiders own 17.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Steward Partners Investment Advisory LLC lifted its position in shares of Hagerty by 35.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 10,325 shares of the company’s stock worth $100,000 after purchasing an additional 2,726 shares in the last quarter. Swiss National Bank lifted its position in shares of Hagerty by 6.0% during the fourth quarter. Swiss National Bank now owns 53,000 shares of the company’s stock worth $511,000 after purchasing an additional 3,000 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Hagerty during the fourth quarter worth $31,000. Garde Capital Inc. lifted its position in shares of Hagerty by 4.0% during the fourth quarter. Garde Capital Inc. now owns 103,960 shares of the company’s stock worth $1,003,000 after purchasing an additional 3,960 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Hagerty by 7.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,205 shares of the company’s stock worth $620,000 after purchasing an additional 4,575 shares in the last quarter. 20.51% of the stock is owned by institutional investors and hedge funds.

Hagerty Company Profile

Hagerty, Inc provides insurance agency services worldwide. It offers motor vehicle and boat insurance products; and reinsurance products. The company provides Hagerty Media, which publishes contents through the Hagerty Drivers Club Magazine (HDC), video content, and social media channels; HDC that offers subscription based products and services, including HDC Magazine, automotive enthusiast events, proprietary vehicle valuation tools, emergency roadside services, and special vehicle-related discounts.